Chordiant Software surges as JMP ups to strong buy

NEW YORK (MarketWatch) -- Chordiant Software
chrd
shares surged in premarket trade Friday after JMP Securities upgraded the stock to strong buy vs. market perform and set a $3 price target, equal to 54% upside from current levels. "We understand from sources that we believe to be reliable that Chordiant may have closed a significant deal with a major U.S. bank in the June quarter," said analyst Patrick Walravens. The deal may allow Chordiant to meet or beat consensus estimates and may be a sign that it is making headway in entering the banking market, he said. Walravens cautioned that the stock is volatile and only appropriate for investors with a strong appetite for risk. Shares were last up 13.3% at $2.21 on Instinet.

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